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Hyundai Join Hands with Car-Sharing Platform Revv in India

The company's strategic investment and partnership will enable both Hyundai Motor and Revv to build competency and the technology necessary for leading the future mobility market in India.

News18.com

Updated:August 20, 2018, 12:05 PM IST
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Hyundai Join Hands with Car-Sharing Platform Revv in India
Hyundai announces partnership with Revv in India. (Image: Hyundai)
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Hyundai has announced a partnership with Revv, one of India's fastest growing self-drive car sharing company to develop an innovative car sharing service and conduct creative marketing activities in India. The strategic partnership including Hyundai Motor’s investment to Revv sees innovative future mobility services gain the company’s first foothold in the Indian mobility market.

The strategic investment and partnership will enable both Hyundai Motor and Revv to build the technology necessary for future mobility market in India. Hyundai says that the Indian market is an evolving one which is showing exponential growth, expanding from USD 900 million in 2016 to USD 1.5 billion in 2018, and projected to expand to USD 2 billion by 2020. According to Hyundai, India’s 15,000 car-sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022.

“Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India,” said Young Key Koo, Managing Director and CEO of Hyundai Motor India.
“We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car-sharing company, Revv.”

“The mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come. We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission,” said Anupam Agarwal, Co-Founder at Revv. “Hyundai Motor is a household name in India and we are delighted to have them join us on our journey. With their deep understanding of Indian consumers and their progressive stance on tech-driven mobility solutions, this partnership will bring us closer to achieving our vision in the mobility market,” said Karan Jain, Co-Founder of Revv.

Hyundai plans to generate the company’s new growth engine by developing innovative mobility services that combine technologies such as autonomous driving and artificial intelligence, with the sharing economy. Hyundai has also been enhancing its mobility services in major locations worldwide. Apart from this, Hyundai currently exports to around 88 countries across Africa, Middle East, Latin America, Australia and Asia Pacific.
| Edited by: Abhinav Jakhar
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